The VAT Practice,
The White House, Cloncorban, Rossmore, Clonakilty,
Co. Cork
Principal: Nicholas Ryan
Tel: +353 (0)23 8838181
Mob: +353 (0)83 3340324
Fax: +353 (0)23 8838181
Email : info@thevatpractice.ie
Welcome to the VAT Practice blog. Our aim is for our blog to provide you with access to: Hot topics – which features regularly updated information, ideas and comment from The VAT Practice on Irish and international VAT issues. Talk to us – businesses can provide comment on our articles in Hot Topics and enter […]
With effect from 1 January 2015 the final piece of the VAT Package jigsaw will fall into place, the picture will be complete though a little blurred in parts and some pieces straining to fit with one another. From the 1 January 2015 the place of supply for these services to consumers will shift from […]
Finance (No 2) Act 2013 confirmed changes to VAT and property and sales of such under a receiver or liquidator. These changes confirm that the receiver is now liable to any VAT liabilities arising, including deductibility adjustments under the capital goods scheme, for assets under their control. It is doubtful whether will we now see […]
The Commission argued that any persons had to refer to a single taxable person and could not be detached as such to mean something other than a single taxable person. As such, eligibility for VAT group is only available to taxable persons. It further argued that if any person could be detached then this allowed the facility for the formation of VAT groups which only included non taxable persons, a position which would then be contrary to the VAT Directive.
Under the new rules one would expect an increasing number of properties being sold to be deemed to be “old” and therefore exempt for VAT purposes. If sold as such and where the owner has deducted VAT in connection with the acquisition or development of the property then there would be a requirement for a claw back adjustment to be made based on the VAT deducted and the number of intervals remaining in the life of the property. Often, and where these properties were transacted in the boom years, this can result in a significant VAT payment to Revenue. By applying the joint option the receiver avoids the consideration of any requirement for a claw adjustment of VAT where the sale of the property is exempt.